China developer Zhenro loses 66% value on bond redemption concerns

2/12/2022- 8:02 a.m.

China developer Zhenro loses 66% value on bond redemption concerns

Zhenro Properties shares plunged 66% over concerns it will not redeem a $200 million bond as planned next month.

Shares plummeted a record 66% in Hong Kong and an onshore bond maturing in 2024 fell 23%, the most in over a month.

The Shanghai-based developer is one of many of China’s major real estate companies in dire straights, with Evergrande still struggling to pay its $300 billion in financial obligations.

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